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Posts Tagged ‘debt’

Reset Button is approaching student debt from a new angle

Student loan debt in the U.S. totals $1.5 trillion, and more than 44 million Americans have outstanding student loan debt. According to research by Jason Iuliano, Villanova law professor, a million student loan debtors have filed for bankruptcy in the past five years. However, 99.9 percent of them did not include their student loan debt ...

PrimaHealth Credit will now lend to borrowers looking to pay for addiction treatment

PrimaHealth Credit, which offers loans to borrowers to pay for medical treatment, is expanding its pitch to cover addiction treatment centers. Currently, PrimaHealth offers loans for elective healthcare procedures like plastic surgery, LASIK, dental surgery and orthodontics. The move into addiction treatment is both a sign of how broken the American healthcare system is when ...

Banks have returned to the pre-2008 world of automatic credit-limit increases for credit cards used by already indebted people

"Proactive credit line increases" (PCLIs) are when your credit card company increases your credit limit without your asking for it; it was very common prior to the 2008 crisis, but the post-crisis rules largely put a stop to it. Now, banks have figured out regulatory loopholes that allow them to throw PCLIs at their most ...

Frontier, a terrible company, is going bankrupt

Frontier is the bottom-rung of the top-tier of US ISPs, serving customers in 29 states. Despite enjoying monopoly control over its customers' online lives, and despite massive government handouts and a lackadaisical approach to maintenance, and despite out-and-out theft from customers, the company is filing for bankruptcy, having accumulated $16.3b in debt through ...

Med-tech company repossess veteran’s artificial legs because the VA won’t cover them

Jerry Holliman received Bronze Stars for his military service in Iraq and Vietnam, where he was dosed with Agent Orange. Now 69, Hollman has survived multiple cancers, but lost both his legs to complications from diabetes.

The VA would not cover the artificial legs he received from Hanger, a med-tech company. Hanger told him to try ...

Bernie Sanders got the GAO to study the life chances of millennials, and the report concludes that debt is “crushing their dreams”

Bernie Sanders commissioned the Government Accountability Office to study the consequences of the high degree of indebtedness borne by Millennials; the GAO's report concludes that Millennials dreams are being "crushed" by debts -- primarily student loans -- which have limited their abilities to seek good employment, good housing, and to save for retirement.

Millennials -- ...

MMT: when does government deficit spending improve debt-to-GDP ratios?

Modern Monetary Theory (MMT) (previously) is an alternative to neoclassical economics that holds that sovereign states that issue their own currency can't default on debts denominated in that currency (if you are the sole source of Canadian dollars and all your debts are in Canadian dollars, you can always pay those debts), and that ...

Why are we still treating economics as if it were an empirical science that makes reliable predictions?

Robert Skidelsky is an eccentric British economist: trained at Oxford, author of a definitive three-volume biography of Keynes, a Lord who sat with the Tories as their economics critic during the Blair regime, who now sits as an independent who is aligned with Labour's left wing. Back in September, Yale University Press published Skidelsky's latest ...

In Kansas’s poor, sick places, hospitals and debt collectors send the ailing to debtor’s prison

Kansas is a living laboratory for far-right experimentation with extreme economic cruelty: a state where Medicare expansions were thwarted, where xenophobia has penetrated the state bureaucracy, where a grifty, incompetent lawyer has apologized for slavery and driven women out of his own party, even as neighboring states thrive by tending ...

Thomas Cook travel collapsed and stranded 150,000 passengers, but still had millions for the execs who tanked it

Thomas Cook is one of the oldest travel agencies in the world, operating their own flights, ships, hotels, etc, whose founders effectively invented modern tourism (listen to this excellent Stuff You Missed in History Class episode for the fascinating and fraught tale of how that happened) but a consolidation in the travel industry combined ...